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5 Garage Renovations That Will Hurt Your Home’s Value – GOBankingRates

Dry Wall Contractor

During the pandemic, our homes turned into our offices, gyms, schools and day care centers. Many homeowners, desperate to squeeze every inch out of their houses, also turned their garages into functional living spaces, home offices, exercise centers or extra bedrooms.

For some, renovations undoubtedly cost thousands of dollars, from building permits and insulation to drywall, paint and furnishings.

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Related: 20 Home Renovations That Will Hurt Your Home’s Value

However, you shouldn’t count on making money from your big garage project if you want to sell your house. In fact, you could wind up losing a significant amount of the money you put it into it, according to Anthony Minniti, a professional home buyer in Tyler, Texas.

“Converting a garage to a bonus room, like a gym or playroom, is one of the homeowners’ most popular remodeling ideas,” he said. “However, it doesn’t always sit well with potential buyers who want to keep the garage intact for their vehicles, especially if they have more than one. Moreover, you’ll also need a garage conversion permit to go through with it, which can cost you well over $1,000. In most cases, converting your garage can drop your home’s value by as much as 25%.”

A full conversion isn’t the only thing a homeowner could do to the garage that affects the value of their home. Read on to learn some more cautionary garage tales that could impact your bottom line.

Source: https://www.gobankingrates.com/investing/real-estate/garage-renovations-that-will-hurt-your-home-value/

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